ECOWAS: Construction Equipment Blade Market 2024

Construction Equipment Blade Market Size in ECOWAS

The ECOWAS construction equipment blade market surged to $X in 2022, jumping by 46% against the previous year. Over the period under review, consumption showed a buoyant expansion. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Construction Equipment Blade Production in ECOWAS

In value terms, construction equipment blade production expanded modestly to $X in 2022 estimated in export price. In general, production saw a prominent expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 73% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Construction Equipment Blade Exports

Exports in ECOWAS

In 2022, construction equipment blade exports in ECOWAS dropped markedly to X units, declining by -34.9% on 2021. Overall, exports faced a abrupt slump. The most prominent rate of growth was recorded in 2016 when exports increased by 193% against the previous year. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, construction equipment blade exports declined remarkably to $X in 2022. In general, exports recorded a precipitous descent. The most prominent rate of growth was recorded in 2016 when exports increased by 125% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Burkina Faso (X units) and Togo (X units) represented roughly 75% of total exports in 2022. It was distantly followed by Senegal (X units) and Cote d'Ivoire (X units), together mixing up a 23% share of total exports. Ghana (X units) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Cote d'Ivoire (with a CAGR of +8.2%), while the other leaders experienced more modest paces of growth.

In value terms, Togo ($X), Burkina Faso ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 78% share of total exports. Cote d'Ivoire and Ghana lagged somewhat behind, together accounting for a further 22%.

Cote d'Ivoire, with a CAGR of +18.8%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, with an increase of 13% against the previous year. Over the period under review, the export price, however, continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2015 an increase of 53%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Construction Equipment Blade Imports

Imports in ECOWAS

In 2022, approx. X units of blades for construction equipment were imported in ECOWAS; increasing by 131% compared with the previous year's figure. Over the period under review, imports enjoyed a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, construction equipment blade imports soared to $X in 2022. Overall, imports showed a strong increase. The growth pace was the most rapid in 2014 when imports increased by 133% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria was the key importing country with an import of around X units, which resulted at 74% of total imports. It was distantly followed by Ghana (X units), generating a 10% share of total imports. The following importers - Guinea (X units), Burkina Faso (X units), Togo (X units), Cote d'Ivoire (X units) and Senegal (X units) - together made up 14% of total imports.

Nigeria was also the fastest-growing in terms of the blades for construction equipment imports, with a CAGR of +42.0% from 2012 to 2022. At the same time, Togo (+32.2%), Cote d'Ivoire (+19.3%), Senegal (+13.2%) and Guinea (+11.7%) displayed positive paces of growth. Burkina Faso experienced a relatively flat trend pattern. By contrast, Ghana (-6.4%) illustrated a downward trend over the same period. While the share of Nigeria (+67 p.p.) and Togo (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Burkina Faso (-8.3 p.p.) and Ghana (-51.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported blades for construction equipment in ECOWAS, comprising 61% of total imports. The second position in the ranking was taken by Ghana ($X), with a 12% share of total imports. It was followed by Guinea, with a 6.6% share.

In Nigeria, construction equipment blade imports increased at an average annual rate of +37.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-6.7% per year) and Guinea (+9.1% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, falling by -30.3% against the previous year. Over the period under review, the import price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when the import price increased by 24%. Over the period under review, import prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform